Wells Fargo does not charge an upfront fee to open a checking or savings account
You will not pay Wells Fargo money to create an account. The bank does not have an account opening fee, an set up fee, or a setup charge for standard checking and savings products. You can walk into a branch, call the bank, or open an account online without any initial cost.
What matters instead is what happens after you open the account. Wells Fargo charges monthly maintenance fees on most accounts, and those fees depend on which account type you choose and whether you meet certain conditions. Understanding the monthly cost is more useful than knowing there is no opening fee, because that is where your actual expenses begin.
Key Takeaways
- Wells Fargo charges no fee to open a checking or savings account, but most accounts carry a monthly maintenance fee that starts after the account is active.
- The Wells Fargo Everyday Checking account costs $10 per month unless you maintain a minimum balance or set up direct deposit.
- The Wells Fargo Way2Save Savings account costs $5 per month unless you keep a $500 minimum balance or link it to a may have access to checking account.
- You can waive monthly fees by meeting one condition: either a minimum balance, direct deposit, or a linked account, depending on the product.
- Wells Fargo offers accounts with no monthly fee if you are under 18 or a student, or if you choose their high-yield savings product.
Monthly maintenance fees on Wells Fargo's most common accounts
Wells Fargo's standard checking account is called Everyday Checking. It costs $10 per month. You can waive this fee in three ways: keep a $500 minimum daily balance, set up direct deposit of any amount, or maintain a linked Wells Fargo savings account with a $500 minimum balance.
The standard savings account is Way2Save Savings. It costs $5 per month. You waive this fee by keeping a $500 minimum daily balance or by linking it to a may have access to checking account that has no monthly fee itself.
Wells Fargo also offers Gold Checking, which costs $15 per month and is designed for accounts with higher activity. It waives the same way as Everyday Checking: minimum balance, direct deposit, or linked savings account.
If you do not meet any of these conditions, the fees add up. A customer with both Everyday Checking and Way2Save Savings who maintains no minimum balance and receives no direct deposit would pay $15 per month, or $180 per year, just to hold the accounts open.
Accounts with no monthly fee
Wells Fargo offers Everyday Checking for Students with no monthly maintenance fee if you are enrolled in a two- or four-year college or university and can verify your status. The bank also offers Everyday Checking for Teens with no monthly fee for account holders under 18.
The Wells Fargo Active Cash Checking account has no monthly fee and includes a cash-back feature on debit card purchases. This account is available to all customers and does not require a minimum balance or direct deposit to avoid fees.
Wells Fargo Elevated Savings is a high-yield savings account with no monthly maintenance fee. Interest rates on this account are higher than Way2Save Savings, but the account has a higher opening deposit requirement and may have withdrawal limits depending on current Federal Reserve rules.
What you need to bring or provide to open an account
To open an account in person at a Wells Fargo branch, bring a government-issued photo ID and your Social Security number. You will also need an initial deposit. Wells Fargo does not publish a single minimum deposit amount — it varies by account type and by branch location. Most checking accounts accept deposits as low as $25, but some branches may require more.
If you open an account online, you will need the same identification information plus a valid email address and phone number. You can fund the account by transferring money from another bank account or by mailing a check to Wells Fargo after the account is open.
Wells Fargo will run a background check through ChexSystems, a banking history database. If you have been flagged in ChexSystems for unpaid overdrafts or fraud at another bank, Wells Fargo may deny your process or require you to wait a set period before reapplying.
How to avoid paying monthly fees from the start
The easiest way to avoid fees is to set up direct deposit before or when ready after opening your account. Direct deposit of any amount — even $1 per paycheck — waives the monthly maintenance fee on Everyday Checking and Gold Checking. You do not need a large paycheck or frequent deposits.
If you do not have direct deposit, maintain the minimum balance. For Everyday Checking and Way2Save Savings, that is $500. The balance is calculated daily, so you need to keep at least $500 in the account every single day of the month. A single day below $500 triggers the monthly fee.
A third option is to link accounts. If you open both Everyday Checking and Way2Save Savings and keep $500 in the savings account, the checking account fee waives automatically. This works only if the savings account itself has no fee — which requires either the $500 balance or the linked checking account, creating a circular dependency. The simplest approach is direct deposit or a single $500 balance across both accounts.
Fees that explore after the account is open
Wells Fargo charges fees beyond the monthly maintenance charge. Overdraft fees are $35 per transaction if you spend more than your balance. The bank allows up to four overdraft fees per day, so a single day of overspending could cost $140.
Out-of-network ATM withdrawals cost $2.50 per transaction. Wells Fargo has a large ATM network, but if you travel or live far from a branch, you may use out-of-network machines frequently.
Wire transfers cost $15 for domestic transfers and $45 for international transfers. Cashier's checks cost $10 each. Stop-payment requests on checks cost $35. These are not monthly charges — you pay them only when you use the service — but they are worth knowing before you open the account.
Comparing Wells Fargo to other banks
Many online banks and credit unions offer checking accounts with no monthly fee and no minimum balance requirement. Banks like Ally, Charles Schwab, and Discover have checking accounts that cost nothing to open and nothing to maintain. Credit unions often offer free checking to members regardless of balance.
Wells Fargo's advantage is branch access. If you need to deposit cash, speak to someone in person, or handle banking face-to-face, Wells Fargo's 4,000+ branches across the United States make that possible. The monthly fee is the cost of that convenience. If you bank primarily online and do not need branches, a no-fee online bank may be cheaper.
Wells Fargo's Active Cash Checking account with no monthly fee and no minimum balance closes this gap somewhat. It offers the same fee structure as many online banks while keeping branch access available.
Frequently Asked Questions
Can I open a Wells Fargo account with no money down?
No. Wells Fargo requires an initial deposit to open any account. The minimum varies by location and account type, but most branches accept $25 to $100. You cannot open an account with zero dollars.
What happens if I do not meet the minimum balance and have no direct deposit?
Wells Fargo will charge the monthly maintenance fee. For Everyday Checking, that is $10 per month. The fee is deducted from your account balance automatically on a set date each month, usually around the first or fifteenth.
Does Wells Fargo charge to close an account?
No. You can close a Wells Fargo account at any time without a fee. Call the bank, visit a branch, or request closure online. If your account has a negative balance due to fees or overdrafts, you must pay that balance before closing.
Can I waive fees by keeping money in a savings account instead of checking?
Only if you link the accounts. A savings account with a $500 balance waives its own $5 monthly fee and also waives the fee on a linked checking account. But the checking account fee does not waive a savings account fee on its own.
What if I am denied an account due to ChexSystems?
You can request your ChexSystems report for free and dispute errors. Wells Fargo may allow you to reapply after a waiting period, usually 12 months. Some banks offer second-chance checking accounts for people with ChexSystems flags, though Wells Fargo does not advertise a dedicated product for this.